accident - diminished value?

[dc968]

Got t-***** this morning by a school bus, fortunately none of the kids or I were hurt. My 2011 Tahoe has only 3K miles and was bought over Labor Day weekend. If it doesn't get totaled, is there a chance I can get a diminished value payment from the insurance company? The hit was pretty hard (police estimate about 15 mph). Left front fender, driver's door and rear door all damaged. Also windshield cracked and front plastic piece (directly under windshield) was bent upwards.

Any thoughts? Thanks.

 

[Djay762]

man that sucks, good to hear no one was hurt though. With the way that insurance policies differ it is really hard to say what would happen. Not sure in anyone here is an insurance broker/adjuster on here or not

 

[Gzes]

Yep it automatically will go down in the price because the carfax will kill its value. Sucks that it got hit n still new but well thats life for u

 

[Sheriff]

..... is there a chance I can get a diminished value payment from the insurance company?

I don't think so. Unless you have some type of magical insurance policy.

And it doesn't sound like you were totaled. They will restore it to the original condition. And that's it.

 

[hbr]

Terrible, sorry to hear.

Don't sign anything, diminished value is something they are aware of and you should ask for it. If you don't like what they have to say call an attorney. He may take his fee out of what he gets you over their initial offer.

 

[phileaglesfan]

In order to total the vehicle it must have about 75% of its value in damage. Not trade-in value either. This is when your vehicle is worth more than it is.

Research diminished value laws in your state. My 07 Impala SS was hit on the side that caused $7500 of damage (valued at $18k). Dealer offered $11k for it when I start looking around at possibly getting a new car. It was only one year old. I went for diminished value and ended up getting about $2k. It is not something that takes a few weeks. You will have to debate with their insurance company back and forth. In my case a 3rd party adjuster said $3300 diminished value. Allstate came back and said they'll give me about $1000, next $1500, finally about $2k. It took months going back and forth by mail.

Also you never know about the damage of the vehicle. My wife's Trailblazer was totaled. It was hit on the front corner but it bent the frame. It sure didn't look like that much damage.

 

[DTAILS]

Your insurance company will cut you a check for damages including the diminished value of the vehicle. This is past experience speaking.

Your insurance company will have to deal with the at fault's insurance company to retrieve that value.

What ultimately kills the value of a vehicle is not only what may be reported on the Carfax sheet, but whenever a vehicle is traded in or sold to a dealership it will be inspected via a PTG (paint thickness gauge) to determine whether or not there were existing panels repainted. This circumvents the Carfax report as only reported accident instances/damages show up in its history.

 

[phileaglesfan]

I know from experience my insurance company wasn't going to do a thing since it was the other driver's fault. I could have had it repaired under my insurance then they would go after his but not for diminished value.

As I mentioned above, check local laws. In some states you cannot claim diminished value and I know it doesn't apply here but most don't let you claim it if it is your fault.

 

[DTAILS]

I know from experience my insurance company wasn't going to do a thing since it was the other driver's fault. I could have had it repaired under my insurance then they would go after his but not for diminished value.

As I mentioned above, check local laws. In some states you cannot claim diminished value and I know it doesn't apply here but most don't let you claim it if it is your fault.

True.

Recoverable if other driver is at fault.

 

[StevenFromTexas]

Not only is the topic starter going to take a hit on the value of his vehicle, but the school district will raise the property tax rate next year to cover the deductible on the school bus repair, and guess whose property taxes will go up? Bend over twice.

 

[dc968]

yeah, I definitely thought about that as the police were telling me, "don't worry, the county will make it right". I politely reminded the officer that I was a county resident, and therefore, a taxpayer. He just laughed and said, "well, you have a point".

I'm not trying to take advantage of anyone, but the bus driver was driving on the wrong side of the road with a bus full of kids. I'm just trying to get out of this not worse off than I already am (driving a Mitsubishi Endeavor for a few weeks). Fortunately, I was hurt worse than anyone else and just have a few bruises to show for it.

 

[phileaglesfan]

Not only is the topic starter going to take a hit on the value of his vehicle, but the school district will raise the property tax rate next year to cover the deductible on the school bus repair, and guess whose property taxes will go up? Bend over twice.

I agree! What was the cause of the accident? Was the other driver not paying attention, texting, distracted otherwise?

 

[Zonacat]

Sounds like this will not be a total. BUT, you need to find the BEST bodyshop and repair facility in your area. DO NOT let the insurance company send you somewhere they use. YOU HAVE THE RIGHT to choose your own repair facility.

ALSO, DO NOT ACCEPT a check cut from the adjuster WITHOUT reading all fine print and notifying him that the repair facility will likely cost much more than the crap check he wants to give you.

Ins companies make a lot of money by "rushing out to the car to provide quick service" only to cut you sh*t check.

Generally, I have refused any check until all estimates are made by the body shop I choose. Then make sure if there is hidden damage, that the insurance co knows THEY HAVE TO CUT YOU ANOTHER CHECK FOR THE DIFFERENCE or pay the body shop directly.

Adjusters on scene cannot see ALL damage, only surface stuff, and that is all they will give you in dollars. Most people, just take the check and spend it on TV's. But if you want your car back like new, heed the above advice.

Good luck!